Sri Lanka's trade deficit dropped to USD 838 million in October of 2019 from USD 903 million in the same month of the previous year. Exports dropped 0.2 percent to USD 977 million, due to lower shipments of agricultural products (-3.3 percent). Meanwhile, exports of industrial (0.6 percent) and mineral products (21.6 percent) increased. Imports dropped 3.5 percent to USD 1,816 million, amid declines in purchases of consumer (-12.6 percent) and investment goods (-8.2 percent). In contrast, imports of intermediate goods advanced 2.2 percent. Balance of Trade in Sri Lanka averaged -527.59 USD Million from 2003 until 2019, reaching an all time high of -50.10 USD Million in May of 2003 and a record low of -1100.70 USD Million in November of 2011. source: Central Bank of Sri Lanka
Balance of Trade in Sri Lanka is expected to be -840.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Sri Lanka to stand at -610.00 in 12 months time. In the long-term, the Sri Lanka Balance of Trade is projected to trend around -610.00 USD Million in 2020, according to our econometric models.
Sri Lanka Balance of Trade
Sri Lanka exports mostly textiles and garments (40% of total exports) and tea (17%). Others include: spices, gems, coconut products, rubber and fish. Main export partners are United States, United Kingdom, Germany, Belgium and Italy. Sri Lanka imports petroleum, textile fabrics, foodstuffes and machinery and transportation equipment. Main import partners are India, China, Iran and Singapore.